Citi's newest investment in America: $200 million for low-income communities.
By Vikram Pandit, CEO May 06, 2010 11:38 AM
Today, Citi is making a major investment in the U.S. economy by launching the $200 million Communities at Work Fund (CWF) -- the largest fund in the nation dedicated to offering financing to small businesses and community service providers in low-income communities.
The Fund, and our investment in it, are a true reflection of our strong commitment to the communities we serve, and to providing them credit that creates jobs and opportunity.
The CWF will make capital available to both for-profit and nonprofit Community Development Financial Institution (CDFI) Loan Funds that will then lend to local businesses. CDFI Loan Funds have a 30-year track record of results, including $22 billion in financing and support for more than 48,500 small businesses. CWF loans will drive job creation in some of the country's most distressed communities -- areas that are underserved by traditional financial institutions -- and will help revitalize neighborhoods across the nation.
Citi's partners in this initiative are Calvert Foundation and Opportunity Finance Network, both outstanding community development organizations. We will pair our resources and decades-long experience in expanding access to financial services with the on-the-ground expertise of these groups.
This investment and others like it are part of our dedication to practicing responsible finance by aiding in the economic recovery of the United States. Low-income and underserved communities are left behind even in good times, let alone during a recession. We all can feel proud that our Communities at Work Fund will help the nation address this problem. For more information, visit the Communities at Work Fund website.